Knoops to open first US store as international expansion gathers pace
Knoops is gearing up to open its first US store as the chocolate drinks brand’s international expansion gathers pace.
The London-based business said it will open a store in Utah in April as part of plans to have over 160 locations in the US over the next six years.
Knoops, which was founded in Sussex in 2013, also hopes to build a 150-strong UK store estate over the same period, as well as opening more than 200 stores in key international markets.
“There will be thousands of Knoops stores across the globe in time – this is now obvious – but we remain focused on our disciplined medium term plan to help us get there,” said Knoops chief executive William Gordon-Harris.
The Hotel Chocolat rival said it was on track to deliver turnover of £20m for the year to end March, after toasting a 12 per cent jump in sales over the six-week Christmas period.
Sweet possibility of London IPO
Knoops recently tapped former Game chief executive Martin Long to become its new chief financial officer as it seeks to bolster its board expertise for further growth. The company has also talked up the possibility of a London IPO – but to date it has not set out any timetable for a listing.
Knoops, which has seen a major store expansion across London since 2020, has become known for its wide variety of drinking chocolates, ranging from a 28 per cent white chocolate from Colombia to a 100 per cent extra-dark single origin from the Philippines.
The hospitality business now has nearly 30 stores across the UK, with six across London including the swanky districts of Kensington, Chelsea and Knightsbridge. Cheltenham has been earmarked as the company’s next UK store opening.
Alongside scaling its physical footprint, the firm’s wholesale arm has become a major avenue for growth, with sales nearly tripling since April, driven by its “Knoops at Home” chocolate flakes range, which is available on Amazon and in Selfridges.
The company is part-owned by Brixton-based department store Morley’s, while Pret founder Julian Metcalfe is also a shareholder. The business completed a £8m funding round in 2023.